The average price of some of the UK’s most popular cars has risen by almost 60 per cent in just two years, according to data released today.
Figures from used vehicle marketplace AA Cars has highlighted the price rise, which has come through the disrupted supply of new cars due to factors such as the ongoing global semiconductor shortage.
Research by AA Cars has found that a three-year-old Mini hatchback costs 57 per cent more than a model of the same age cost in 2019.
A five-year-old version currently costs 15 per cent more than a three-year-old car did back in 2019, meaning that it has gained value despite ageing by two years.
The analysis looked at 30 of the most-searched-for cars on the AA Cars platform, comparing the prices of three, four and five-year-old models in August 2019 and the same month in 2021.
James Fairclough, CEO of AA Cars said: “With the exception of houses and some classic cars, things rarely go up in value as they age.
“Yet price growth in the used car market is so strong that some in-demand models are appreciating even as they sit on the driveway.
“But even though average prices have risen sharply over the past two years, it is still possible to get a good deal on the second-hand market.”
The average price of three to five-year-old examples of the Ford Fiesta rose by close to a third between 2019 and 2021, while those people who bought a three-year-old Toyota Aygo in 2019 could now see that they own the keys to a car which is worth 11 per cent more.
Fairclough added: “We advise anyone who is in the market for a used car to shop around widely and, when they have narrowed their search, to ask the dealer questions about the specific vehicle they are interested in.
“If they find out it has been sitting around on a forecourt for a while, the dealer may be more inclined to offer a price reduction.”